Chennai, August 13: The Tamil Nadu government on Friday slashed petrol prices by Rs 3. The announcement was made by state Finance Minister PT Palanivel Thiagarajan during his budget speech. He said that the decision was taken on the direction of state Chief Minister MK Stalin. Thiagarajan further added that the move is likely to cause a revenue loss of Rs 1,160 crore to the state exchequer. Cong MP Manickam Tagore Gives Adjournment Notice in LS over Rising Fuel Prices.

Notably, the ruling DMK, in its manifesto, had promised to reduce petrol price by Rs 5 per litre and diesel by Rs 3 per litre. On Friday, petrol was retailed in the state at Rs 102.49 per litre, while diesel was sold at Rs 94.39 per litre. Last month, the state Finance Minister had ruled out the possibility of reducing the value-added tax (VAT) on fuel. He had said that taxes by the Centre made up a huge portion of the fuel cost.

Notably, petrol and diesel prices in the country remained static for the 27th consecutive day on Friday. In the global market, crude oil is USD 71 a barrel. The pump price of fuel has not changed since July 18. In the national capital, petrol continued to be sold at Rs 101.84 per litre, while diesel was unchanged at Rs 89.87 a litre. In Mumbai, petrol was at Rs 107.83 per litre and diesel at Rs 97.45. It is the highest among metros. In Chennai, petrol was priced at Rs 102.49 a litre and in Kolkata Rs 101.08 a litre. Diesel was also retailed at Rs 94.39 and Rs 93.02 per litre in both cities, respectively. Tamil Nadu: DMK Govt To Reserve 7.5% Seats In Technical Courses For Government School Students.

Earlier in the day, Thiagarajan presented the revised budget estimate for Tamil Nadu for 2021-2022. The Dravida Munnetra Kazhagam (DMK) government had presented its first budget after coming to power, months after it swept the April 6 Assembly elections. In the budget, the state government announced multiple development and expansion projects for Chennai. The capital city will get three new flyovers to reduce traffic Jams. The minister announced that the Kasimedu Fishing Harbour in Chennai would be upgraded at the cost of Rs 150 crore.

(The above story first appeared on LatestLY on Aug 13, 2021 02:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website